Shares in X-ray screening systems supplier Image Scan Holdings PLC (AIM:IGE) rose 6% after a promising pre-close trading update for the fiscal year ending 30 September 2023.
The company expects a 50% revenue increase to £3 million and a pre-tax profit of £0.1 million, overturning last year's £0.35 million loss.
Expansion in the Counter Explosive Ordnance portable X-ray market has diversified the company's revenue streams.
Cost-effective relocations to Eastern Europe and Asia have also contributed to profitability.
Cost control and prudent cash management resulted in a year-end cash balance of £959k, up from last year's £690k. The update signals a strong turnaround, with the company well positioned for future growth.
At 9.25 am, the shares were changing hands for 1.8p, up 0.1p.